YORK, Pa., May 4, 2021 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB), now doing business as Traditions Bank, announced yesterday that the Bank has completed its reorganization into a holding company structure effective May 1, 2021. The Bank is now a wholly-owned subsidiary of Traditions Bancorp, Inc., a Pennsylvania corporation recently formed by the Bank. The Traditions Bancorp, Inc. common stock will trade OTC Pink under the symbol TRBK. The reorganization was approved by the Bank's shareholders and by the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank of Philadelphia.
Pursuant to the reorganization, each existing shareholder of the Bank will receive an equal number of shares of Traditions Bancorp common stock in exchange for his or her Bank common stock. Bank shareholders should begin to receive correspondence from the Bank's transfer agent, Computershare, in the very near future with instructions regarding the procedures for exchanging share certificates. Instead of receiving a stock certificate, all shares of Traditions Bancorp, Inc. will be in book entry form.
"The holding company structure has been adopted by many banks because it provides greater flexibility in terms of capital formation and the creation of new business lines," stated Eugene J. Draganosky, President and CEO of Traditions Bank and Traditions Bancorp, Inc. "The holding company structure will also facilitate the organization's ability to issue subordinated debt to finance our continued growth and to repurchase outstanding common stock."
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements about York Traditions Bank that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate" or similar terminology. Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of York Traditions Bank.
York Traditions Bank cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to: ineffectiveness of the bank's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.
Forward-looking statements in this release speak only as of the date of this release and York Traditions Bank makes no commitment to review or update such statements to reflect changes that occur after the date the forward-looking statement was made.